US regulator rejects Dutch fintech Bunq's application for national bank charter

US regulator rejects Dutch fintech Bunq's application for national bank charter

Sat, August 8, 2026 at 1:40 AM GMT+3 1 min read

Aug 7 (Reuters) - Dutch fintech Bunq said on Friday that the U.S. Office of the Comptroller of the Currency (OCC) ‌had rejected its application for a national bank charter, ‌dealing a setback to the company's plans to expand its banking operations into the ​United States.

• "The OCC wants to see a plan more specifically built for the U.S. market, with greater demonstrated experience in the products we want to offer, and detail on our financial structure," a Bunq ‌spokesperson told Reuters in ⁠a statement.

• The OCC, in a letter dated August 4, said its denial was owing to "significant supervisory ⁠and compliance concerns".

• The OCC said the application did not clearly explain how Bunq would be capitalized in the United States and raised ​doubts about ​management's experience with unsecured credit ​cards, as well as the ‌bank's ability to operate safely and turn a profit in the competitive U.S. market.

• Bunq said it plans to address the regulator's concerns and continue pursuing a U.S. banking presence.

• The Dutch fintech firm reapplied for a U.S. bank charter in January after withdrawing ‌an earlier application at the start ​of 2024, Bloomberg News reported earlier this ​year.

• The company secured ​a FINRA-approved broker-dealer licence in 2025 that allows it ‌to offer investment products in the ​U.S. and had ​hoped to follow that with a full banking licence.

• Last month, the OCC also rejected Wise's application to become a ​national trust bank, ‌citing supervisory and compliance concerns. Wise has said it plans ​to submit a new application.

(Reporting by Rajveer Singh Pardesi ​in Bengaluru; Editing by Diti Pujara)